Bear Deposit
The Bear Deposit is a large porphyry copper system that was discovered and partially delineated in the 1960s and 1970s by previous mining companies, Anaconda and Phelps Dodge. The Bear deposit has never been consolidated under a single owner…until now by Lion CG.
Lion CG has obtained data from 47 legacy drill holes totaling 128,842 feet. Lion CG has also completed 10 additional drill holes for a total of 34,284 feet, which has extended the deposit to the northeast and northwest. Lion CG has encountered thick (nearly 2,400 feet) intercepts of up to +0.40% TCu, which includes multiple intercepts of +1.0% TCu. Four of the drill holes conducted by Lion CG were angled, which aided in determining a NW-SE, northerly dip of the mineralizing porphyry dikes.
Although the Bear Deposit does not currently contain NI 43-101-compliant resources, historical and recent Lion CG drilling indicates a very large area of copper mineralization that is open in several directions and at depth. A historic resource estimate made by Anaconda determined a historic resource of 735 Mt at 0.44% TCu for 6.5 B lbs, which covered only a portion of the mineralized footprint (Howard 1980).
The Bear is an important asset due to Lion CG’s land position and associated water rights, its large size, and potential for higher grades than district averages. The Company is currently evaluating the potential of a NI 43-101 compliant Mineral Resource Estimate (MRE).
*Cautionary Note: Historic estimates were obtained from (from Howard, 1980) and do not comply with mineral resource categories set out in National Instrument 43-101. A Qualified Person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources and the company is not treating the historical estimates as current mineral resources. The company considers the historic information relevant and reliable, however additional work, including confirmatory drilling and testing, will be required to confirm the quantity and grade of copper mineralization.
Read the latest results from the Bear: News Release August 2024
Watch Dr. Tom Patton discuss the improtance of the Bear:
